7 ways to minimize risk when investing capital in an industrial facility
By Kelly Altes
The industrial and manufacturing business environment is in a constant state of change. Business leaders must react to new technologies, buyer behavior, budget cuts, competitors, and countless other influencers. Capital investments in infrastructure take a long time to implement, so predictions become critical components to business success.
Everyone wishes they had a crystal ball to see the future in order to best plan for facility growth and changes. Until such clairvoyance is available, there are several measures owners can take to help minimize the business risks associated with large investments in facilities. These include:
- Engaging strong technical competency in specialized industrial and manufacturing systems both in house and out of house
- Generating end–user buy–in to facility capital improvement projects
- Evaluating different construction and design delivery methods for your specific project.
- Identifying leaders in your organization and your partner organizations who will seek proactive change management and conflict resolution
- Focusing on employee safety/corporate compliance and conveying these priorities to your service providers and suppliers
- Seeking solutions that address energy efficiency and sustainable practice
- Developing and adhering to facility standards and long-term facility development/master planning
Each of these measures will be addressed in more detail in a series of blogs to be written by the best and brightest at IMEG who focus on solutions for our industrial market clients. Each blog will provide educational content based on our experience, expertise, and case studies.
In the meantime, keep the above seven measures top of mind should you be facing a capital investment in your industrial or manufacturing facility. Implementing these actions will be much more effective than any crystal ball.